San Diego-based GroundMetrics Inc., an electromagnetic survey company and oil technology pioneer, raised $2.73 million in a Series B financing round from new investors Cowboy Technology Angels, an oil industry angel group based in Oklahoma.
Other key investors in the round included Tech Coast Angels, which raised nearly $1.3 million; Crescent Ridge Partners; ACE Fund; Harvard Business School Alumni Association; and Peter Landin, former managing director and CEO of the Americas for Barclays Global Investors.
Technological advances like GroundMetrics’ sensor systems are fueling the U.S. oil boom, and companies are investing heavily in innovation. By taking full-field electromagnetic images of the subsurface and capturing high-fidelity geophysical data, GroundMetrics’ technology provides unprecedented visibility underground.
“GroundMetrics is a star performer in our portfolio,” said Jonathan Moss of Tech Coast Angels. “We’ve been investors for two years now and it’s been truly exciting watching them make game-changing inventions in such a hot growth industry. It couldn't be better timing. Not only did we follow on in this Series B, but the TCA ACE Fund also participated in both A and B rounds, reaching its investment limit for any one portfolio company."
The Series B is a growth round that will fund scaling up infrastructure, ramping up sales and marketing efforts, and hiring and deploying field crews.